Borrowers can pay off their mortgage early and save $1,000's of dollars on finance charges. Borrowers that choose to pay off their mortgage early save on the interest they would of paid over the entire life of the loan. Many borrowers will pay an additional payment per year applied to the principal to pay down their loan early.
However, not every person is able to pay an addtional payment. Borrowers can receive a benefit bay paying a small amount to the principal every month. Just make sure that you write on the check that the money should be applied to the principal balance. If you do not write this on the check, mortgage companies will apply the additonal payment to the princpal and you'll loose the benefit fo saving on future finance charges.
Wednesday, March 3, 2010
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